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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Tuesday, October 4, 2011

Here's Goldman Sachs suffering from "compartmentalization" again. If Goldman needed some advice, it would be, "Shut the f*** up." How can their economists write such dreck without even imagining their own part in bringing both Recession and Stagnation onto the US and into the world at large?

World is heading for 'Great Stagnation,' says GoldmanThere is a growing risk that the global economy will move from the 'Great Recession' into the 'Great Stagnation,' according to economists at Goldman SachsBy Angela Monaghan - The Telegraph here here

Stagnations typically mean long periods of sluggish growth of about 0.5pc, low inflation, rising and sticky unemployment, stagnant house prices, and lower returns on shares, they said.

There is a 40pc chance of the current situation developing into a period of stagnation among developed economies, Goldman calculated.

"Trends in Europe and the US are so far still following growth paths that would be typical of stagnations," they said in a note.

"Given those risks, whether these countries manage to avoid a ‘Great Stagnation’ by a pick-up in the recovery is likely to depend on policy being able to restore confidence and putting in place reforms that can decisively jolt growth".

Looking at 150 years of macroeconomic history, they found that the probability of stagnation is much higher after financial crises.

Stagnant periods tend not to be volatile and so lack sharp new recessions or significant recoveries.

The research by Goldman found that about 60pc of stagnations that occurred since the late 1800s in dozens of countries - both developed and emerging markets - did so in the post Second World War period. About 24pc of them lasted more than a decade.

The longest-lasting period of stagnation took place in India for almost two decades following the early 1930s.

Below is one comment, out of a total of 320 comments responding to the above article, that sums up some of the concerns of "Occupy Wall Street." (The comment has been paragraphed.)

By Firozali A. Mulla

Angella. I love the freedom on land, in sea, in water, and the best is this. No malice...Freedom at last has a price not known.

Protesters who have camped out near Wall Street for two weeks marched on Friday on police headquarters in Manhattan over what they viewed as a heavy-handed police response to a previous demonstration. The Occupy Wall Street movement, whose members have vowed to stay through the winter, are protesting issues including the 2008 bank bailouts, foreclosures and high unemployment.

More than 1,000 people marched past City Hall and arrived at a plaza outside police headquarters in the late afternoon. Some held banners criticizing police, while others chanted: "We are the 99 percent" and "The banks got bailed out, we got sold out." Workers from the financial district on their way home watched as the marchers passed, with some saying it was not obvious what outcome organizers of the Occupy Wall Street movement wanted.

Police observed the march and kept protesters on the sidewalk, but no clashes were reported. Police said no arrests were made before the protest dispersed peaceably by 8 p.m. after the march. "No to the NYPD crackdown on Wall St. protesters," organizers had said on their website, promoting the march. Other online flyers for the march read: "No to Stop-and-Frisk in Black & Latino neighborhoods" and "No to Spying and Harassment of Muslim Communities."

The protest came less than a week after police arrested 80 people during a march to the bustling Union Square shopping district, the most arrests by New York police at a demonstration since hundreds were detained outside the Republican National Convention in 2004. A police commander used pepper spray on four women at last weekend's march and a video of the incident went viral on the Internet, angering many protesters who vowed to continue their protests indefinitely. Police have said pepper spray was a better alternative than night sticks to subdue those blocking traffic.

RIGHT TO PROTEST Friday's crowd appeared to have been boosted by an announcement that the rock band Radiohead would perform at 4 p.m. Later, organizers said on their website, "Radiohead will not being playing. This was a hoax. Please accept our apologies." "We heard about Radiohead coming here on Facebook," said Alegra Felter, a 34-year-old teacher from Brooklyn who was among the disappointed rock fans.

The protest encampment in Zuccotti Park in downtown Manhattan is festooned with placards and anti-Wall Street slogans. There is a makeshift kitchen and library, and celebrities from filmmaker Michael Moore to actress Susan Sarandon have stopped by to show solidarity. So we have protesters who can express the jobs etc. That is guts I say.

1 COMMENTS:

No_change
said...

And you really believe anything will be done to GS?..oh well

Oct 4, 6:36 AM EDT

APNewsBreak: Obama seeks debt collector proposal

WASHINGTON (AP) -- To the dismay of consumer groups and the discomfort of Democrats, President Barack Obama wants Congress to make it easier for private debt collectors to call the cellphones of consumers delinquent on student loans and other billions owed the federal government. The change "is expected to provide substantial increases in collections, particularly as an increasing share of households no longer have landlines and rely instead on cellphones," the administration wrote recently. The little-noticed recommendation would apply only to cases in which money is owed the government, and is tucked into the mammoth $3 trillion deficit-reduction plan the president submitted to Congress.http://hosted.ap.org/dynamic/stories/U/US_OBAMA_DEBT_COLLECTORS?

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